MemeStrategy Acquires 2,440 Solana for HKD 2.9 Million

Hong Kong-listed company MemeStrategy acquired 2,440 units of Solana (SOL) for approximately HKD 2.9 million ($369,442). This marks the first investment in Solana by a Hong Kong-listed firm.

MemeStrategy's Strategic Move

The acquisition reflects confidence in SOL's long-term prospects.
CEO Ray Chan emphasized alignment with the company's focus on AI, blockchain, and Web3 development.
The purchase was executed through OSL Group, a licensed digital asset platform.

Other companies, such as DeFi Development Corporation and Upexi Inc., have also adopted Solana as a reserve asset. DeFi Development Corp holds over 609,000 SOL, valued at nearly $97 million.

Following the news, SOL's price increased by 8.19% to $156.99, though it remains below its all-time high of over $260. There are expectations for potential new highs as the US SEC considers approving a SOL-linked Exchange Traded Fund (ETF).

Broader Developments in Solana

Solana is viewed as a leading candidate for ETF approval by the US SEC.
Multiple companies, including Grayscale Investments and Bitwise, have submitted ETF applications.
Interest in Solana is growing due to its Layer-1 Proof-of-Stake consensus, which enables staking rewards.
Societe Generale-FORGE launched a USD-pegged stablecoin, USD CoinVertible (USDCV), using Solana alongside Ethereum.